Akash Anand

Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club

October 19, 2021 by Akash Anand

On Tuesday, the cryptocurrency market decided to swerve into the bull’s path taking the price along with it. Altcoins ruled the roost after a much-needed break from the bear that affected the entire ecosystem’s market cap. Charlie Lee founded-Litecoin [LTC] became one of the biggest gainers of the week after a new round of investments from users.

At the time of writing, the Bitcoin Silver aka LTC was growing by 4.2 percent on the back of a strong week. LTC was trading for $188.4 on Tuesday while holding a market cap of $13.004 billion. The daily trading volume spiked to $2.8 billion as other altcoins tried to emulate its performance. When LTC hit its all-time high this May, the community was confident of upcoming developments.

Litecoin 1 hour:

As Litecoin’s immediate support remained near the $160 mark, the green candles continued their strong push. The graph showed signs of recovery after a low bearing September.

Relative Strength Index: Litecoin’s RSI climbed closer to the overbought zone, showing an increase in the number of HODLers.

Chaikin Money Flow: The capital coming into the LTC market shot up as prices settled. Litecoin investors reveled in the latest hike as capitulation was left in the dust.

MACD indicator: Litecoin’s bearish momentum at the start of October caused the signal line to touch the MACD line. The resurgence was enough to push the cryptocurrency over to the bullish side.

Litecoin 1 day:

ltc 1 d 1 — Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 4

Litecoin’s long-term performance was indicative of the market’s fluctuations, showing multiple crests and troughs. The long-term support has fallen to $106.4, a far cry from its earlier holds.

Relative Strength Index: Just like in the hourly timeframe, LTC’s graph sporadically moved in the upward direction.

Chaikin Money Flow: Getting capital intensive was a struggle for LTC but the latest marker was a step in the right direction.

MACD: The signal line and the MACD line moved upwards after converging during the past week. Even the MACD histogram ticked green for a sustained period of time.

Dogecoin [DOGE] Skips over Bear Attack as Daily Gains Propel it On Charts

October 19, 2021 by Akash Anand

The cryptocurrency market’s latest ascension has been the talk of the town after coin prices hit new highs. Altcoins followed the bullish path set by Bitcoin with some enjoying the path more than others. Ninth-ranked Dogecoin rallied on Monday despite the slowdown shown by its peers.

At the time of writing, Dogecoin was trading for $0.25 with a total market cap of $33.63 billion. Monday’s 8.2 percent growth was enough to set it off on a bullish tear. The daily trading volume increased to $33.63 billion, clocking more than bigwigs such as XRP and Cardano.

Dogecoin 1 hour:

doge 1 hr — Dogecoin [DOGE] Skips over Bear Attack as Daily Gains Propel it On Charts 7

The bull’s impact was evident on the chart after the green candles grabbed headlines. Dogecoin’s revival from the stagnant price movement was helped along by positive sentiment from it’s user base. The immediate support was at $0.21 after a lackluster two weeks.

Relative Strength Index: Dogecoin’s RSI fell back within range although the buying pressure remained high. With the latest price hike, the number of users HODLing the cryptocurrency overtook the number of sellers.

Chaikin Money Flow: The graph fell sharply below the zero line after spiking the previous night. This meant that the capital leaving the market was more than the influx.

Parabolic SAR: Recent markers remained below the candles as the bullish momentum increased. The markers further meant that user sentiment leaned towards the positive zone.

Dogecoin 1 day:

doge 1 d — Dogecoin [DOGE] Skips over Bear Attack as Daily Gains Propel it On Charts 8

In the long term, Dogecoin’s price was showing signs of recovery. The immediate support was still near $0.17 as consecutive green candles crowded the graph.

Relative Strength Index: Unlike the hourly graph, the RSI here was steadfastly bullish. The vertical hike also meant that there was a surge of incoming Dogecoin HODLers.

Parabolic SAR: Dogecoin’s strong weekly gains allowed the marker to fall below the price candle. The sustained pressure was important because of the PSAR’s bearish signals.

Chaikin Money Flow: The daily CMF was right on the zero line, signaling an ecosystem vying its options. As of now, the capital influx and outflow are equal to each other.

Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer

October 16, 2021 by Akash Anand

As the week drew closer the cryptocurrency market entered a flux consisting of bearish and bullish trends. Altcoins tried to match Bitcoin’s spike rate as new superstars like Solana and Polkadot rule the roost. Solana [SOL], currently holding the 7th rank, was the biggest gainer of the day after fervent activity on the charts.

The SOL community has been waiting with bated breath for a steady price hold with the latest bull run acting as just that. At press time, Solana was trading for $159 with a total market cap of $46.78 billion. Solana’s 7 percent price hike over the previous 24-hours was followed by Ethereum, which rose by 3 percent on Friday. Daily volume had touched $3.4 billion after a rousing response from the community.

Solana 1 hour chart:

Three strong green candles changed Solana’s hourly dynamic as the cryptocurrency tore away from its immediate support. SOL user sentiment may have begun to swing after witnessing the strong upward push. Immediate support was clocked at $143, a steady marker for the cryptocurrency.

Parabolic SAR: The markers stayed below the price candles as user momentum shifted into the green.

Bollinger bands: Both the bands diverged from each other after registering six consecutive green candles. The size of the Bollinger cloud was a definitive sign of Solana’s entry into the bull territory.

Chaikin Money Flow: The graph bounced back from the zero line, mostly enabled by the price hike. This further meant that more capital was entering the SOL ecosystem.

Solana 1 day chart:

sol 1 d — Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer 12

Long-term resistance was clocked in at $126 after a tumultuous September. The previous week was a strong sign for price recovery as the market cap shot up in the daily spectrum.

Bollinger bands: The band’s moved parallel to each other as the candles constricted themselves within the bandwidth. After a month of slight movement, the last green candle climbed to new levels.

Chaikin Money Flow: SOL formed a k-shaped curve as the capital influx overtook the money leaving the market. The cryptocurrency showed similar patterns displayed at the start of August.

Parabolic SAR: Unlike the short-term yield, the markers here stayed above the candles. This was a sign that the market momentum was shifting after a period of dwindling seed funds.

Polkadot [DOT] Sears on Thursday as Altcoins Hold Crypto Fort Strong

October 14, 2021 by Akash Anand

Thursday saw a new movement in the cryptocurrency market after the bull lifted several price supports. After days of suffering under the red line, Bitcoin and a majority of altcoins surged on the Baird to clock decent numbers. The biggest winner in the new leap was Polkadot [DOT] after cruising to a 19 percent rise over the past 24-hours.

Polkadot’s latest gains also allowed it to climb to rank eight while its nearest competitor USD Coin slipped to rank nine. At press time, DOT was trading for $41.4 while its market cap increased to $40.87 billion. The 24 percent weekly gain further allowed the cryptocurrency’s daily volume to rise to a 7-day high of $5.64 billion.

Polkadot has been on a green tear since the announcement of the Parachain auction process. Slated to begin in November, the process will allocate multiple slots for building on the Polkadot blockchain.

This will be part of the vision to create an interconnected blockchain framework. The latest milestone comes five years after the vision of a heterogeneous multi-chain framework was first concocted.

The latest price hike witnessed large swathes of users enter the Polkadot industry, trusting the bullish market. Buying pressure touched the overbought threshold as money coming into the market shot up. Analysts predict another spike if the wave of new buyers continues to crest.

A look at the market’s numbers indicated a revival in its peripherals. Just today, the global cryptocurrency market cap jumped by more than 2 percent to settle at $2.38 trillion. At the same time, the total trading volume received a 10 percent boost.

Binance Coin Witnesses Double-Digit Gains as Other Cryptos Fail to Catch Up

October 13, 2021 by Akash Anand

The arrival of the bear set a new precedent for the cryptocurrency market as prices fluctuated constantly. In the midst of dwindling prices, one altcoin outperforming its compatriots was Binance’s own altcoin, BNB. The third-placed cryptocurrency sought its vindication by cementing its increased market cap over 4th ranked Cardano.

At press time, Binance Coin was trading for $459 holding a market cap of $77.5 billion. The boost could be attributed to the cryptocurrency’s hold on its investor market. Binance Coin grew by 17 percent over the past day, making it one of the biggest winners in the top 20 cryptocurrency club. Even the daily trading volume shot up to $5.62 billion as a wave of new investors joined the BNB market.

Binance Coin [BNB] 1 hour:

BNB’s hourly gains were evident on the charts as the price climbed vertically from the immediate support at $360.4. After crossing the $400 threshold, the cryptocurrency faced a price slump. The community had no reason to panic as the recovery was almost instantaneous.

Parabolic SAR: A majority of the markers stayed below the price candles after an active 48 hours. This shift in momentum was seen as a new step in BNB’s growth.

Relative Strength Index: The graph spiked towards the overbought threshold as more users bought into the BNB market.

Chaikin Money Flow: The hold above the zero line meant that the capital coming into the market had overtaken the outflow, despite the flux.

Binance Coin 1 day:

bnb 1 d 1 — Binance Coin Witnesses Double-Digit Gains as Other Cryptos Fail to Catch Up 16

Long-term performance was indicative of a bullish atmosphere akin to the ramp-up in April. The daily support clocked at $330 after the formation of consecutive green candles.

Relative Strength Index: The pattern was similar to its hourly action as the number of BNB HODLers increased. If more users amp up the buying pressure, the graph is expected to break the threshold.

Chaikin Money Flow: As the buying pressure increased, so did the capital influx.

Parabolic SAR: Since the end of September, only two markers have failed to stay below the price candles. The strong bullish momentum played a massive role in establishing BNB in the podium positions.

Terra [LUNA] Hits Roadblock as Market Caps Crash; Investors Look to Long Term Investments

October 13, 2021 by Akash Anand

The past week saw multiple changes in the cryptocurrency industry as prices fluctuated across the board. Even though Bitcoin moved past the $57,000 mark, altcoins failed to surmount a similar bullish charge. One of the altcoins suffering under the bear’s brunt was Terra [LUNA] after a good run of days that elevated it near the top 10 club.

At press time, Terra was trading for $36.4 with a total market cap of $14.54 billion. While the start of the month boosted the cryptocurrency’s performance on the charts, it still was not enough to sustain monthly gains. The daily trading volume fell to $1.18 billion even as user interest surged.

Entering the top 10 club has been an aim for the cryptocurrency even as developments take place on the network. Year to date, Terra has grown by 6922 percent after strong rallies in the second quarter. Terra’s rally could be attributed to its Columbus-5 network upgrade going last week.

The Columbus upgrade was seen as a marker by its ecosystem because of its connection to the stablecoin development. According to sources, the upgrade would better enable the TerraUSD ratio with the United States dollar. Some analysts have called Columbus a “huge and influential update” with the power to set the tone for the future.

A look at the investor sentiment further added to Terra’s lore. Despite the latest crash, the capital continued to enter the Terra market. The 4-digit growth in 2021 was a sign that the market was looking for more function and less flash. The Columbus upgrade’s ability to regulate the Luna supply is expected to be an important step in achieving that.

Draper Goren Holm Backed PLENTY Defi Brings Exponential Growth to Tezos

October 11, 2021 by Akash Anand

Decentralized Finance on the Tezos blockchain has seen exponential growth over the past few months with Plenty DeFi leading the charge in terms of TVL (Total Value Locked) of around $60 million dollars, $2 million dollars daily trading volume, as well as the most contract calls of any DeFi dApp on Tezos according to DappRadar.

Today, the project was listed on CoinMarketCap and Coingecko simultaneously after becoming one of the first Tezos tokens to get listed on centralized exchange Bitforex last week.

Plenty comes at a perfect time as gas fees on the Ethereum network make it nearly impossible for new users to experience the power of decentralized finance and all that it brings. This latest DeFi gem is brought to you by a collaboration between Tezsure and DGH Labs, a Dubai-based Blockchain incubator powered by Draper Goren Holm.

$PLENTY’s purpose stems from a variety of different use cases defined in the roadmap, though its first applications will be swapping, yield farming, and staking.

“Liquidity is the backbone of DeFi. Plenty incentivizes liquidity providers from other chains to try Tezos; the most technologically advanced of all blockchains to date with near-zero fees and on-chain governance,” said Tezsure co-founders Om Malviya and Bernd Oostrum.

Those who hold xPlenty will govern the community with votes on new features, token burning, and general direction. Neither Tezsure nor DGHLabs will have exclusive control over the direction the platform will be taking.

Josef Holm, Founding Partner at Draper Goren Holm, said, “I hope Plenty creates that initial snowball effect for DeFi in onboarding capital from other networks to Tezos. Plenty was designed with the modern-day user in mind, taking advantage of the network’s low gas fees and energy efficiency by design – it’s perfect for the next wave of mass adopters.”

DGH Labs is a Dubai-based blockchain incubator powered by Draper Goren Holm – a leading venture studio and fund by Tim Draper, Alon Goren, and Josef Holm. The push towards Tezos came after a fervent interest from its ecosystem and external sources. At press time, Tezos was trading for $7.1 with a total market cap of $6.09 billion. The latest bear run impacted the daily trading volume by bringing it down by a whopping 24 percent.

Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge

October 11, 2021 by Akash Anand

After a week of multiple positive gains, the cryptocurrency market hit a price flux forcing investors to watch the trail. The altcoin ecosystem was inspired by Bitcoin’s run-up above the $50k mark with capital coming into the market. The meme-inspired Shiba Inu [SHIB] pushed new boundaries for itself as it climbed on both the daily and weekly timeframes.

At the time of writing, SHIB was trading for $0.000029 with a total market cap of $11.75 billion. The increased capital pump elevated the cryptocurrency into the top 20 cryptocurrency clubs. As more users bought into the world of Shiba Inu, the daily trading volume also shot up to $4.6 billion. As active players shilled the cryptocurrency, it became a major talking point on social media.

Shiba Inu 1 hour:

shib 1 hr — Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge 19

After a successful week that propelled Shiba on the charts, the indicators all leaned towards the bull. Shiba’s immediate support rose to $0.000026 while new users constantly pushed for higher prices.

Relative Strength Index: Shiba’s RSI stayed near the overbought zone, a sign of the active ecosystem. The indicator showed that the number of users HODLing SHIB was more than the ones selling it.

Chaikin Money Flow: Staying bullish as well, the CMF rose strongly against the zero line. Since the bullish sentiment is strong, the graph is expected to rise some more towards the upper boundaries.

Parabolic SAR: All the markers for the past 48 hours stayed below the price candles, showing strong bullish momentum. Shiba Inu holders would want the consecutive green candle formation to go on for extended timeframes.

Shiba Inu 1 day:

shib 1 d — Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge 20

Shiba’s long-term performance was just growing, helped along by strong October tides. Long-term support increased to $0.0000069 after the cryptocurrency’s most active month since inception.

Chaikin Money Flow: In the long run, Shiba moved parallel to the zero line. A deeper dive further pointed to the increasing interest from the larger cryptocurrency ecosystem.

Parabolic SAR: The markers from the last month have all stayed below the price candles as the momentum became bullish.

Relative Strength Index: The RSI in the long term showed similar characteristics to that of the CMF. This further meant that the buying pressure was a strong contributor to higher prices.

Matrix taps BitGo’s custody solution, bringing top-tier security to its trading platform

October 7, 2021 by Akash Anand

Matrix, a virtual assets trading platform serving investors around the world, partners with BitGo, a leader in digital asset financial services. Through the partnership, BitGo will provide Matrix with a wide array of custodial services, including hot- and cold-storage capabilities to protect traders on its platform.

The global cryptocurrency market is expected to explode to $4.94 billion by 2030, more than three times its estimated size of $1.49 billion in 2020, according to a recent report by Allied Market Research. The UAE is steadily catching up to Western countries in terms of participation in the virtual asset ecosystem.

Black Type 1 — Matrix taps BitGo’s custody solution, bringing top-tier security to its trading platform 22

Matrix is fully compliant with the Abu Dhabi Global Market (ADGM) virtual asset framework and is spearheading the push for virtual asset adoption in the region with its secure and user-friendly platform. Matrix will use BitGo’s custody solution to offer virtual-asset traders a variety of options, including a multi-signature bitcoin wallet service. At a time when the virtual asset community is massively growing, especially among first-time traders, it is critical to provide users with a service that is safe, trustworthy, and convenient to use.

“We are thrilled to be working closely with BitGo, one of the most respected and biggest custodians in the industry,” says Vasja Zupan, President of Matrix. “The partnership with BitGo comes at an exciting time and offers our users the highest quality service when entering the virtual assets industry.”

“We are constantly expanding in the Middle East and specifically in the UAE, a hidden gem with an innovative virtual asset landscape,” says Mike Belshe, CEO of BitGo. “We look forward to offering users first-class service, and by partnering with a distinguished trading platform such as Matrix, we are cementing our foothold in the region.”

About Matrix

Matrix, a regulated virtual asset Multilateral Trading Facility (MTF) and Custodian in the Abu Dhabi Global Market (ADGM), is dedicated to providing a compliant, secure, and fast virtual asset trading experience. Users of Matrix can be assured of their AML/KYC compliance and regulatory oversight. Additionally, Matrix’s offline storage, multi-node disaster tolerance, remote disaster recovery, and multi-server switching ensure the stability and reliability of the trading system. Matrix is one of the few global trading venues providing support for global fiat deposits, enabling faster trading.

About BitGo

BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions and supports over 300 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.

Cardano [ADA] price swings upwards as market rejoices in green pastures

October 7, 2021 by Akash Anand

Cardano [ADA]’s recent price explosion went hand in hand with the rise of the rest of the cryptocurrency market fully in the midst of a bull run. After Bitcoin’s surge above the $50k mark, the altcoin ecosystem saw its own markup. Cardano jumped back into the podium positions after losing out to Binance Coin [BNB] at the start of the week.

At press time, Cardano was trading at $2.3 holding a total market cap of $75.08 billion. The cryptocurrency was the second-biggest gainer after Polkadot with double-digit gains in the daily spectrum. After a 9 percent daily gain and a 12 percent weekly climb, ADA’s 24-hour trading shot up to $3.25 billion. Cardano has to watch its back because Binance Coin was right on its tail.

Cardano 1 hour:

ada 1 hr — Cardano [ADA] price swings upwards as market rejoices in green pastures 25

The immediate support was at $2.12 after a reverse fluctuation mid-week. Cardano’s continuous charge was interrupted last night after the formation of 8 consecutive red candles.

Relative Strength Index: After shooting above the overbought threshold, Cardano’s RSI fell back into the hold. The positive sentiment was captured by the market after more users held onto their assets.

Chaikin Money Flow: Just like the RSI, the graph here spiked downwards sharply. This indicated that the capital coming into the market had overtaken the outflow.

Parabolic SAR: The markers stayed below the price candles as the prices improved.

Cardano 1 day:

ada 1 d — Cardano [ADA] price swings upwards as market rejoices in green pastures 26

Cardano’s daily performance allowed its price to move sinusoidally on the charts The daily support floated near the $1 mark after climbing later.

Chaikin Money Flow: The long-term CMF fell below the zero line which meant that long-term positive sentiment had reduced. As more capital flows into the market, the ecosystem is expected to gain a larger market threshold.

Parabolic SAR: The latest markers were below the candles after the cryptocurrency hit a bear wall. Even the market momentum has split itself between the red and the green.

Relative Strength Index: The RSI was the only positive ticker in the long term as the line cut above the midway point. In the long run, more and more users were HODLing onto their ADA tokens.